Entries from October 2013

Discharge of Mechanic’s Lien for Public Improvement Bond in New York

by Joshua Malone

Discharge of Mechanic’s Lien for Public Improvement bonds are very rare but they share some similarities to regular Discharge of Mechanic’s Lien (DML) bonds. These bonds arise in situations where a subcontractor, hired by a Principal contractor, has not received payment for work performed on a public project. In most cases, public entities require contractors […]

Cancelling a TRO and Preliminary Injunction Bond

by Joshua Malone

In order to cancel a preliminary injunction or temporary restraining order bond, the Principal needs to submit specific evidence to the Surety. The cancellation evidence needs to demonstrate the court has either made the injunction permanent or discontinued the injunction. If the court has made an injunction permanent, the Principal and its attorneys should submit […]

Statutory Accounting Principles (SAP)

by Joshua Malone

Unlike most businesses, insurers use Statutory Accounting Principles (SAP) to prepare their financial statements for state regulatory authorities. State governments in the United States require insurers to use SAP because it stresses liquidity. Insurers must maintain a certain amount of liquidity for several reasons, but most importantly to have the ability to pay claims, losses, […]

Offenhartz & Pedersen, LTD. Joins FaceBook, LinkedIn

by Joshua Malone

We’re now on Facebook! Click here to visit our Facebook page and give us a “Like” to receive weekly updates on your News Feed. Our Facebook page will host more exclusive content not readily available on our website. In addition to weekly blog updates, our Facebook page will also include pictures, trivia, and links to […]